The Pros and Cons of Debt Management Plans Explained

[@MoneyNerd]

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[@nathaliecalvin]

I used to work for a debt management company called DMCC in Fort Lauderdale, they are a small office but they were amazing! I used to translate for Haitian families. We helped so many people not only improve their credit but also buy a house soon after. They used to also send me to the homeless shelter to teach Financial Literacy. They’re a nonprofit organization so most of their services are free. I think they just moved their office to downtown Fort Lauderdale but they’ve been around for like 20 something years and probably the most trusted debt management company in Florida…

[@greenwil]

I was paying on a Mastercard at 24% APR, on $20,000. I went through Credit Counseling, and was able to get my interest rate down to 4.6% on the MasterCard through the DMP. I am going to be debt free in 3 years or so. Did I do OK?

[@SuccessMindset2180]

Debt management plans are fast pace oriented

[@lilmamma807]

Hola, so with a dmp you stop making payments to the creditors directly?

[@MoneyNerd]

Hello @lilmamma807! A DMP provider will speak with the creditors in their client's behalf. Find out more in this useful article: moneynerd.co.uk/debt-management-plan-pros-cons/ Hope this clears up any questions.

[@justagirl707]

If I get a dmp for my credit card debts but I don't include things like clear pay and zilch, will I still be able to use them?

[@MoneyNerd]

Hi, Just a Girl! You should be able to use Zilch and Clear Pay provided you're not in debt with them while under a DMP. Additionally, you should disclose it to your creditor or DMP provider. Here's an article that provides more information about DMP and its finer details: moneynerd.co.uk/debt-management-plan/